tv Bloomberg Markets Balance of Power Bloomberg February 13, 2018 1:00pm-2:00pm EST
welcome to bloomberg markets: balance of power. shery: hero the top stories we are following. take abounce around and policy from the massive up-and-down swings we have seen over the past week. president trump tackles trade, saying that u.s. steel companies are hanging on for their lives. we look at the latest on potential tariffs as well as the brewing battle over infrastructure. after making a big comeback, michigan's economy faces new challenges. we will have an interview with michigan governor rick snyder. ♪ shery: let's get straight to the markets. we continue to see equities pressured. seen a more quiet
day, even if stocks are going to the downside. the swings we have seen today are not the largest in recent days and the volume is also dropping. volume on the s&p 500 running more than 20% below the 20 day average. we have seen volume running a little bit hotter. a bit of applause on a couple -- a bit of a pause on a couple of different fronts. we had an uptick in range over the past week or so as we have seen these wild swings between highs and lows. when you have today where we have seen the trading range has gotten a lot smaller. volatility is here to stay for a little while. we may not see those swings every single day, so we have a little bit of a pause. where we are seeing interesting action is with a couple of
dental supply companies. health care is pretty active and with these companies in particular, patterson companies and henry schein, they are being accused by the federal trade tomission of conspiring undermine the ability of independent dentists to get lower prices for products. -- another company has been named in this suit. we are seeing a sharp downturn, there. outside of stocks, we continue to watch what happens in the bond market. here, we've got the yield on the 10 year. in thee bit of buying bond market is pushing yield a little bit lower. what is interesting is if you look at the short and long positioning in the treasury market, because most investors, those who are playing in the speculation game are thinking that treasuries are going to resume their selloff. take a look at the bloomberg for
what we've got going on for stocks. you have speculative positions when it is below the red line. have --positions two-year positions have backed off a little bit. shery: thank you. this week in washington, some major themes are getting attention, including immigration and the budget. president trump met with members of congress over trade after unveiling his long anticipated infrastructure plan. short told david westin that infrastructure funding would not fall on taxpayers. >> at this point, we are not advocating tax increases. but i think you see the president doing with the money he has included in the budget is that by partnering with local governments, we can spur additional investment. david: for mork -- shery: for
ate, let's toss it to david the goldman sachs business summit in washington. david: i am here with our bureau chief in washington and we just shortmark short -- marc say we do not want to raise taxes. is this a dog that will hunt? cry: president trump is only footed $200 billion into infrastructure plan and that is why it is running into so much opposition from democrats. problem is they just give a big tax cut and did a two-year budget bill, all of which are ballooning the deficit. he has no more nichols in the coffers to spend on infrastructure. of publicans do not want a new gas tax -- want a new tax, especially after giving that tax cut. i don't see a gas tax.
david: december with the tax cuts and we just had the budget. there was a real deal behind this. is there a deal behind infrastructure spending? greg: that is the problem. labor unions are building those roads and bridges and they are not on board with the funding we talked about. the don't want to give trump a win. a lot of republican lawmakers are going to be up against the voters. how do you run on new roads and bridges? it is not a sexy issue. it is sort of a national crisis, but to turn that into votes at the ballot box is tough to translate. david: we saw the president meeting with lawmakers in the white house on the issue of trade. yesterday, he said we are losing the reciprocal tax. he talked a lot of tough talk about korea. putting import duties on us.
what is this about? we going back to a trade war? greg: i think we might be heading that way. -- craig: i think we might be heading that way. trump put tariffs on washing machines. his commerce secretary has put up recommendations for additional tariffs. he has until april to decide. the sound like a guy who wants to whack some of these cut -- some of these countries. you could make the argument that that horse has left the barn. senator pat toomey was urging the president to go slow on top tariffs, knowing that could impact our ability to build new planes and tanks. and i think trump is in the mood to do it and i would not be surprised if we see more tariffs from this white house. david: for those of us who are not in washington, explain to us this kelly situation with the security clearance.
we have dan coats coming out and saying the security situation is a mess. inside thet an beltway sort of drama or is there something more fundamental? craig: there is a fundamental issue here. staff secretary is a very important job. every piece of paper that goes under president trump ticky eyeballs passes through the hands of rob porter. he is a man with a history of domestic violence in his past. he did not have a security clearance yet but was seeing some of the nation's most important secrets. there are some people in washington who say maybe that is not the best idea and that --retary of state john kelly chief of staff john kelly should have done more about that.
if he is in trouble from this and i think there is a chance he is, that is the story that will break through. that another person close to trump was not getting the job done. david: always good to be with you down here in washington, greg gordon. coming up, i sit down with lloyd blankfein, the ceo of goldman sachs. shery: first, president trump's budget. we will be discussing it with democratic president of john yarmuth of kentucky -- democratic representative john yarmuth of kentucky. ♪
markets: balance of power. i am david westin. shery: let's get a check on the "first word news." mark crumpton has more. mark: top intelligence officials told the senate intelligence committee that russia is intent on meddling in the upcoming u.s. midterm elections, particularly through the use of cyberattacks. national intelligence director dan coats said that the threat to the integrity of the elections needs to be addressed. >> there should be no doubt that its pastrceives efforts as successful and views the 20 u.s. midterm elections as a potential target for russian influence operations. that director coates added no single agency is in charge of dealing with potential russian meddling and that efforts to utilize cyberattacks will likely continue because they are considered low cost and low risk. hackers hit the winter olympics in what appears to have been an
attempt to embarrass its organizers. cyberattack. live internet networks at the opening ceremonies in south korea last friday. whoever was behind the attack new usernames and passwords. investigators said that we can -- that theussian weekend crash of a russian passenger plane may have been user error. the plane crash outside mustached -- plane crashed outside moscow 10 minutes after liftoff, killing all 71 people on board. presidentan council says managing the flow of migrants to europe will be a challenge face for many years to come. speaking in vienna after meeting with chancellor sebastian kurz, he said he and the austrian leader had similar views on the issue of migration. he says all european countries need to contribute to finding a solution. global news, 24 hours a day, powered by over 2700 journalists and analysts in more than 120
countries. i am mark crumpton, this is bloomberg. shery: president trump delivered his budget to congress on monday. this, after lawmakers passed their own bipartisan two-year budget agreement. -- it boosts cap's for both defense and domestic spending. entitlements would see a $1.7 trillion cut over a decade. joining us now is kentucky's democratic representative, john yarmouth. -- john yarmuth. thank you so much for joining us. give us your reaction to president trump's budget proposal. rep. yarmuth: my initial take away is that this is a confession document. the basically confess that representations they made about the tax bill that was passed
last year are not going to come to pass. they are not going to reduce the deficit. they are not going to pay for themselves. and the growth that they projected yet -- last year when they were debating the bill is not going to come to pass. creditthe minister she for being relatively honest with this budget but it physically they said would happen because of the tax cuts are not going to happen. it is also a confession that virtually everything the economy on the campaign trail was not true. he promised not to touch medicare and medicaid. there are very dramatic cuts in those proposed in this budget. he said he was going to eliminate the national debt over eight years and this budget projects an additional $7 trillion in the debt. i give him credit for honesty, but it is not a pretty picture. shery: will democrats offer a
alternative -- offer an alternative? certainmuth: to a extent, the administration budget does not mean much. as director moving he, it is more of a messaging document. it does tell us where their hearts are, but it does not mean much because we did pass spending limits for the next year and a half. to a certain extent, our own budget might be moot, but we will see what the democratic majority does in the house, if a budget, we will propose our own. shery: the financial markets have already noticed. how concerned are you that you could spook u.s. debt buyers? rep. yarmuth: that is a legitimate concern. people have noticed treasury rates going up pretty significant -- by a pretty significant amount over six
months. wheree getting close to you might make the interest on the debt the largest single ,lement of the national budget which would crowd out very important expenditures that we need to make. this is a matter of concern. shery: where will spending cuts come from? rep. yarmuth: i personally don't think that there is any theification for raising pentagon's budget by $165 billion over the next two years, particularly when that have just begun the first ever audit of the pentagon and they have turned up billions of dollars they can't account for. i think that would be one place i would look. the things wee of have to do is figure out how to drive down the cost of health care. that is not necessarily by cutting $554 million out of medicare. it is by letting things like medicare negotiate for the price of prescription drugs.
there are steps we can take to drive down health care costs and we are going to have to do that because we spend almost twice as much as the next highest per capita expenditure in health care in the world. we have to get a handle on that. shery: something that will need andet done on immigration the dreamers, president trump tweeting negotiations on daca have begun. he says wouldn't it be great if we could finally solve the daca puzzle. this could be our last chance. they will never be another opportunity. he is talking about the deadline when dr. protections would run out. that has already been happening. more than 19,000 immigrants have lost protection since september. how much urgency is there, in congress? rep. yarmuth: on the democratic side, there is a lot of urgency. we have been talking about this for a number of months. we said you are disrupting lives
on a daily basis. the irony of this is that president trump created the crisis because he reversed the obama policy and set a march 5 deadline. what he needs to do if he wants to be responsible is at least extend that deadline for another few months to make sure that congress has adequate time to act. shery: even if you get more time to act, have you seen any of the proposals out there that could get the votes needed in the senate and also in the house? rep. yarmuth: that is two separate questions. there are some compromises like a live with. i was part of the gang of eight in the house that work for seven months on comprehensive immigration reform and we had a proposal that most of our democrats would have supported and it was certainly more conservative than i think we would like. there is room to negotiate. whatever comes out of the senate, it is going to be interesting. if something comes out of the
senate, it will have to be bipartisan because they need 60 votes. to bek paul ryan is going under enormous pressure to bring that or something close to it to the house floor. shery: you are advocating a comprehensive deal with more time to get a resolution on immigration, and set of a narrow deal that should get done by the march deadline. rep. yarmuth: i would love to see a narrow deadline. narrow is a matter of definition. if you have two elements in border security and daca, that is the narrowest we could expect. we could also have one that deals with diversity visas, maybe makes the right changes in the family reunification provision. we are much more sensitive to that because immigration should be about reuniting families and that dividing them. there is room for compromise. i worked on one in 2013, a bipartisan bill out of the senate in 2013.
i am somewhat optimistic. disruption wed are creating in these dreamers' lives is really shameful. ,hery: congressman yarmuth thank you very much. ahead, we will hear from the house majority leader kevin mccarthy. what he says about the boost to federal spending and the long-term applications of the budget deficit.
david: i caught up with house majority leader kevin mccarthy at the goldman sachs business summit and i started asking about how concerned we should be about the ballooning federal deficit and its possible effect on interest rates. rep. mccarthy: we should always be worried about interest rates but remember how low interest
rates have been for quite some time. people are fearful of inflation because we have growth coming back. if we want to solve our debt, you can't solve it by cutting, you have to grow the economy. we have done that first part. what people should be fearful of is where is the money being spent? when ronald reagan was president, 75% of your budget, congress controlled. it was discretionary spending, things you know the government is for. world, that mandatory makes up 69%, it is automatic and congress does not have control over that, so we have to look at every -- at our entitlements if we want them to be there for future generations. 10,000 people a day for the next 10 years are qualified. is better to do it when you
have a growth economy, so there was going to be an opportunity. david: anyone who studies this question comes out where you are , where we have to deal with entitlements. has a same time, we just -- we just had a presidential election and neither candidate had anything done. ,s there a political will saying yes it is ok if i give something up? rep. mccarthy: since republicans took control of the house, we have passed a balanced budget and we have dealt with entitlements every year. we are being very honest with the voters and we also protect and weey currently have are protecting it for future generations as well. the longer you wait, the fewer options you have. the other thing is to get the economy growing again. if you look at the january revenues, we had a surplus that month.
this was a little different, so what is going to happen is this tax bill and that jobs act, more people are working, more incomes are growing. the bargaining a raise every month because of the withholding. there is an opportunity to deal with entitlement when you are in a growth stage -- growth state. david: talk about infrastructure. how important is that too small business owners? -- is that to small business owners? is that realistic in this climate? rep. mccarthy: if you look at what the white house put out, published by this partnership, we need to work together. states have done these pilot programs that have been very successful. but we should look at is what america should look like in the years -- 15 to 100 years.
they can sell some of their infrastructure and it goes back on the tax roll. it is being managed more efficiently and you get enhancements to reinvest that in new infrastructure that you need. looking at it in a 21st-century model would help. david: my interview with house majority leader kevin mccarthy. i will be speaking with michigan governor rick snyder. one of the biggest challenges facing the michigan economy? that is next. letter, an exclusive interview with goldman sachs ceo lloyd blankfein. this is bloomberg. ♪
retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store
the way. onlyasdaq, in fact, the to date,the green year gaining 1%. consumer staples and financials are leading the gains on the s&p 500 and the dow. the s&p 500 coming off of its best two-day gain in 18 months. take a look at what other assets are doing. safe havens remain pretty solid with gold gaining ground for a second consecutive session. strong,nese yen still headed for the strongest close since 2016, while the dollar is down three. , volatility and equity markets have come down with the vix a racing earlier gains in the falling for a third consecutive session. let's get to the headlines with mark crumpton. mark: republicans are keeping quiet about deficits in president trump's new budget. the plan would double the
deficit the president forecast a year ago and he has abandoned the republican goal of balancing the budget within a decade. 10 years from now, the trump budget projects the deficit will hit $90 trillion. the white house new of domestic abuse allegations against former staff secretary rob porter last july. according to a person familiar with the matter, that is on the fbi completed its background check. he resigned after reports of abuse from two ex-wives. it might've been the deadliest fight since -- between citizens of the u.s. and russia since the cold war. according to people familiar with the matter, u.s. forces in 200a killed between 100 and mercenaries, mostly russians fighting on behalf of syrian leader bashar al-assad. a basecenaries died on and in a refinery. in south africa, cape town is facing its worth -- worst drought on record.
it may have to turn off water supplies to residents. day zero is set to june 4 with cape town's water usage reaching a record low. a national disaster has been declared in the southern and western areas of the country. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. shery: thank you. the economy in michigan has made a comeback in rick snyder's seven-plus years as governor, but the state faces challenges including education, infrastructure and a quest to become a leader in electronic vehicles. let's talk -- toss it back to david westin. rick: i am here with snyder, the long-term governor now of michigan, on the home stretch. welcome, governor. good to have you here. governor schneider: -- governor
rick schneider: thank you. shery: tell us why michigan -- david: tell us why michigan is doing so well. gov. snyder: it is civil. we are the comeback state. we went through a terrible decade before with large deficits when i became governor, highest unemployment in the nation in many respects, and the comeback is large. we have created over half a million private sector jobs. we lead the nation in the creation of manufacturing jobs. we are number one. people are moving into michigan. we are a growing state. detroit is the comdex it in our country. it is exciting to see and we have a lot of upside. we are the world's leader in mobility -- the whole new field of autonomous and connected vehicles. there are exciting things for a path to the future that is why i am proud to be at this event on small business because part of the comeback has been small businesses grow in michigan and
we have created a great environment for that. i view the role of government as environment for success and you let free enterprise work and it is working well. we sit here in washington at the small business event, is washington doing a good job creating the right atmosphere for the creation and development of small business? gov. snyder: moore can be done. in many respects, you get back to saying what is the regulatory environment, and we did those when i first became governor. system,hout the old tax put in a new one that was simple, fair and efficient. we have gotten rid of over 2000 regulations. there is a role for regulations. it is not just about getting rid of things, but doing it in a thoughtful fashion. it is about encouraging people to hire and to grow. there are great programs. there is something we created called pure michigan business connect, a matchmaking process where we don't spend government
dollars, but we are the convener. we have brought small businesses with big companies and we have generated an incremental $5 billion worth of sales for small and medium-sized businesses in our state by doing this matchmaking. david: one of the things he mentioned you did in which again was taken of the deficit. as we sit in washington, we see the deficit, which we already thought was pretty big go up -- between the tax cuts in the budget agreements of the last week, it is really ballooning. how difficult is that for the state of michigan, and the possible pressure that puts on interest rates? you know that so well. and then for small business. gov. snyder: it is a major problem. we need more fiscal responsibility and washington pet i am proud to say in michigan we have been a leader in our nation. i have done seven balanced budgets. we do than three months ahead of time. they are fiscally sound, not just for the current year, but we look at the long-term.
every time you go into debt, we are leaving some additional burden on our kids and their kids. that is not right. in thethe things we need political worlds -- you have a duty to represent your citizens well today, but don't we also have a duty to future generations? in michigan we put in a plan to pay down our long-term debt. if you want a really cool job in michigan, run for governor in 2038. isn't that important to be able to say that? david: absolutely. without a doubt. you are a republican. the way you are talking is the way we used your a lot of republicans talk -- deficit hawks here in washington. we don't find them too easily. is your party still a party that recognizes fiscal responsibility? i think we need to step up that dialogue more and take more responsibility as a party. i believe michigan is a role model for doing that. again, we don't print money. we have to make our balanced budgets.
it is not just about that, but thinking about long-term issues. i hope that rises as an issue that we need to be much more responsible for because we're putting way too much debt burden on future generations. david: another initiative that came out as infrastructure initiative from the white house. every state struggling with infrastructures. michigan,n of flint, had a terrible problem with water, and we have had people on bloomberg talking about nationwide the problem with water systems. what can we and what should we be doing this country? gov. snyder: we need to invest more. i called for a water infrastructure fee in michigan. we talked about additional fees that would pay for recycling. i don't do that lightly, david. it has to be something where you are showing a return to our citizens. in infrastructure, we need to invest more. we did over a $1 billion package two or three years ago on roads and bridges. we are starting see the benefit of that.
let's do it in a smart way. one area that has been overlooked -- we are leading the country -- integrated asset management. does not just about spending money, but doing it smarter. think how often you have the road in front of you, how at home, where you were, it is torn up for gas and sewer work, roadwork -- electric -- we should coordinate all of those, tear the road up once. we found a roll model in london -- role model in michigan. -- in london. david: it sounds like you are in favor of user fees. i have spoken to several people just today, republicans, saying they would never increasing the federal gas tax which has been for 25 years now. gov. snyder: we increased it in michigan because it was a smart thing to do. you end up with a low number. how do you continue to invest?
your costs are going up. people respect that. issue --iew it as an there is a political world that says you cannot do that. if you talk to average citizens, as long as you believe they are return, there is an appropriate role for government. david: we all think of detroit as an auto city and michigan as an automobile oriented state. you referred earlier to mobility, which often includes electric vehicles, autonomous vehicles -- that is a transformation for michigan. can michigan take advantage of them? valley moving, china moving aggressively -- how can michigan be in the major transformation of a big industry? gov. snyder: well, we are, and i am proud to say we are the world's leader in that field already, but it is about building partnerships. valleyit should not be a versu. the valley, other place in the world -- it is the most exciting
area of new technology in the world in many respects. we are showing that leadership because it is not about arguing or fighting with other parts of the world, but we are saying how do we create partnerships to do it responsibly to introduce this technology in a smart way? the constrain is not just the technology, but the insurance issues, the legal issues -- and i am problems that we are leading leaving the dialogue in our country and around the world. david: how will we have workers trained for it? is a different world than when my father was growing up, able to get a good job out of high school. that is no longer the case. we need workers to be much better trained. where does that come from as we sit here at a small business conference? one of the biggest issues it is they cannot get skilled employees. gov. snyder: i am going to come up with a new plan next week called the marshall plan for talent, in many respects looking at these high-demand fields,
they don't even require a bachelor's degree. it'll be about competency-based certificates. many companies issue the certificates for information technology. we need to build the certificate programs where people are confident and there are great, well-paying jobs were after one year or two years you can get a $60,000 or $70,000 a year job. isn't that a great solution? in michigan, we are already leading in many of these fields, but we will wrap this up and show some leadership in our nation on this topic. david: finally, we're coming to the home stretch for governor rick snyder from michigan. who will succeed you -- is there someone who has your vision? gov. snyder: four shot, i have the best lieutenant governor in the country. he has that vision. i know there is one person that can carry the ball. we will have to wait and see. i am proud to continue on making michigan a top-10 state in the nation.
we are already there and i carter want to do small business in michigan. david: there you have it. great to talk to you. that is governor rick snyder. i'll be back with an exclusive interview with the head of goldman sachs, lloyd blankfein, from the small business conference here in washington. shery: breaking news crossing the newsroom -- bts sky have awarded premier league broadcasting rights. this is the latest on the option of premier league broadcasting with a u.k. premier league sand the value realized at this stage is 4.46 billion pounds in the paid tv carriers will get five of seven lives packages. -- live packages. plenty more coming up. this is bloomberg. ♪
david: i am david westin here in washington. shery: i am shery ahn in new york. it's checked the major averages gaining momentum. the dow is up .2%, being led by consumer staples and financials. materials and consumer discretionary stocks still down, but look at the s&p 500, gaining .3%. -dayng after its best two performance in 18 months. the nasdaq is also gaining .4%. one stock that is helping the markets right now -- dollar tree. shares are popping higher after slumping yesterday, even as the market rallied. abigail doolittle joining us to break it down for us. what is happening with dollar tree? abigail doolittle: we were talking about the snap revisions yesterday, some are thinking they were overdone.
president trump proposing that snap, formally known as supplemental nutrition , that that begram revised. right now you are able to take the stand to stores and use them as cash. the proposal here would be for families who are receiving $90 or more per month in food stamps -- they would actually be sent food. the question is whether this will weigh on companies that tend to sell products that are around one dollar, less than $10. most of their products are about one dollar, some less than $10. the two-day look at chart dollar tree, you will see the story. yesterday, earlier in the day, shares higher, then lower, lower, lower, trading down almost 3%. wells fargo saying these fears are overdone --that this represents less than 5% of the company's revenue. the proposed program could be
shifted with benefits. have dollar stores in new york? i don't recall seeing them. abigail: upstate there are. shery: i haven't seen them in new york. abigail: sidebar. shery: this extends beyond dollar tree -- so many other companies are affected. abigail: you had target, kroger, walmart finish down. yesterday you had big up to. -- uptick. interesting point -- you have a snapback rally with the names today as well after trading lower today -- or yesterday, excuse me. this is a valuation point. 8752.ican --g #btv
valuation has been higher. even knowing might not eat into the revenue -- even though it might not eat into the revenue, there is an overhang. shery: still, president trump's budget proposal only a proposal right now. he could be dead on arrival in congress. abigail doolittle, thank you so much for that. david: coming up, michigan congresswoman debbie dingell -- what she says about diversifying the economy and taking the auto industry to the next frontier. live from washington and new york, this is bloomberg. ♪
goldman sachs 10,000 businesses conference. when they said what were the biggest challenges, a were told three things that regulation, access to capital, and finding really skilled workers. that is a big gap. i caught up with congresswoman debbie dingell from michigan and we spoke specifically about what needs to be done to get the right skilled workers for manufacturing. rep. dingell: there are a number of challenges, and we're at a small business conference, so business. about small we are not trading and not -- training enough people with the skill sets that we needed. in michigan we did a study and found we will need 3.5 million jobs filled for advanced manufacturing, but one than 2 million could be unfilled because people don't have the skilled trades they need. we need to train young people in high school, community colleges, with a skill sets that we need. we tend to have an attitude sometimes -- we still need those
welders, carpenters, pipefitters, electricians -- that is what makes these countries grow -- this country go on and the backbone of small businesses in this country. 20 two a better job of aliment the importance of skilled trade -- we need to do a better job of developing the importance of skilled trade. david: what does it come from? rep. dingell: everybody. a community colleges are at a grassroots level, and they understand the need. high schools -- we need to go back to vocational training. actually, the ceo of the national association of manufacturers and i did a roundtable with young people in manufacturing and talked to them about why they wanted to go into manufacturing, and about the skill sets that they brought. they talked about how young people are not being taught about the importance of manufacturing, engineering, or what the scale opportunities are. federal, state, and local
governments have to work together and do the needs assessment. community colleges have to look at how to make college education affordable. community colleges can give this kind of training, and maybe we need to be doing it for free and matching jobs with skill sets. a matter of money, or thinking in how we invest the money? rep. dingell: it is both. first, we not doing a good job of talking about the importance of skilled trade or value in the work that comes out of it. these are significant, paying jobs. people don't know there are job needs there. we need to train people for the jobs. we need to help people know where they can get the training. we have to create those jobs and help connect people so that we fill them. david: you come from the auto industry -- my father was a skilled tradesmen, but he learned on the job, ac spark plug. have private businesses pulled back from some of that training? rep. dingell: they're starting
to look at it more. lastly, ford motor company -- -- last week, ford motor company -- i was with some veterans from all over the country that are at in allen park,er michigan, which he now well, learning a skill set and that we have to go out and find them those jobs. ford motor company, in the southeast michigan area, we are working with community colleges -- what is the skill sets we will need, how do you create training programs, then how do you educate people that the training programs are there and they are job opportunities? these apprenticeship programs are very important. you will laugh at this, but i am going to go in and they will train me as an electrician at this apprenticeship program. it is fascinating. i want to learn it. i don't think we value enough in this country skilled labor, and i would love to know what any of us would be without a plumber or electrician. david: you are a lifelong
democrat. rep. dingell: actually i was a republican before i married john dingell. david: i think of you as a lifelong democrat. his is bipartisan -- this one job do a better job? rep. dingell: we have to think of it as an american issue. i am not going to like china, india, or western europe beta sp and we have to figure out what we have to do together to keep us competitive. detroitus vehicles -- is known as the hometown -- we will be at the forefront of leading the next generation of technology. we have the brains, skill set, the know-how -- we have to make sure in this country we are building the framework and have the assets and resources we need to make sure we stay at the forefront. my interview with michigan congressman -- congresswoman debbie dingell. coming out in about one hour and
a half i sit down with lloyd blankfein right here the small business conference. shery: looking forward to that. before we go, let's check the averages -- u.s. stocks have turned positive and gaining momentum with the dow up .2%. half of the sectors on the dow are in the green, while half are in the red. .2%,5 hundred is also up led by consumer staples -- the s&p 500 is also up .2%, led by consumer staples. the only index gaining ground year to date. a quick reminder you can catch all of our interviews on the bloomberg with the function tv . you can find breaking news, charts, and functionality. that is your interview right there with the governor of michigan. this is bloomberg. ♪
scarlet: we are live in bloomberg world headquarters. here the stories we're covering -- seeking stability -- u.s. stocks fluctuating. havens headed higher as markets remain on edge before wednesday's inflation report. bring on the volatility -- sleepy trading floors get the joke they have been waiting for after a long period of .nusualcalm danny meyer joins us live from the 10,000 small businesses summit in washington. let's get straight to u.s. markets. if we look at where they are right now, we see building on yesterday's game. : but if you look at them an hour ago, they would be pulling back. i shouldn't